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Reliance Comm rises on tower deal report

March 9, 2011

A man walks past a logo of Reliance Communication in Mumbai September 22, 2009. REUTERS/Arko Datta/Files

Shares in Reliance Communication rose over 9 percent in trade today after a news channel reported that ATC has emerged as the highest bidder for the firm’s tower arm.

RComm ended 9.3 percent higher at 99.30 rupees and was the top traded stock on BSE. The firm was also the top Sensex gainer.

Reliance Communication after market hours said that it would see annual interest cost savings of more than 5 billion rupees after signing a final loan agreement with China Development Bank.

In 2011, Reliance Communications has slipped over 40 percent. Do you see further downside?

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